Rubber Market Ends Higher, Tracking Uptrend In Regional Futures

By Engku Shariful Azni Engku Ab Latif

KUALA LUMPUR, Nov 13 (Bernama) -- The Malaysian rubber market ended higher today, supported by the uptrend in regional rubber futures markets amid a weaker ringgit against the US dollar, a dealer said.

She said market sentiment was lifted by a decline in rubber supply from China, as well as the reopening of the United States government.

“China’s leading rubber-producing regions, Yunnan and Hainan, will gradually enter the off-season for production by the end of this month, resulting in a continued decline in domestic rubber warehouse receipts and port inventories.

“Nevertheless, further gains were capped by low crude oil prices and weak US vehicle sales data as economic uncertainties persist in the US,” she told Bernama.

The dealer mentioned that Japanese rubber futures rose for a fifth straight session on Thursday, as a weaker yen and tightening supply in China outweighed pressure from softer oil prices.

At the time of writing, Brent crude oil slid 0.3 per cent to US$62.57 per barrel.

At 3 pm, the Malaysian Rubber Board (MRB) reported that the price of Standard Malaysian Rubber 20 (SMR 20) climbed by 11 sen to 730.5 sen per kilogramme (kg), while latex-in-bulk remained unchanged at 568.5 sen per kg.

-- BERNAMA